Royal Bank of Canada Boosts Alamos Gold (NYSE:AGI) Price Target to $23.00

Alamos Gold (NYSE:AGI) (TSE:AGI) had its target price upped by Royal Bank of Canada from $20.00 to $23.00 in a report released on Tuesday morning, BayStreet.CA reports. Royal Bank of Canada currently has an outperform rating on the basic materials company’s stock.

A number of other brokerages also recently commented on AGI. National Bank Financial downgraded shares of Alamos Gold from a strong-buy rating to a hold rating in a research report on Sunday, September 8th. StockNews.com upgraded shares of Alamos Gold from a hold rating to a buy rating in a report on Thursday, May 16th. Scotiabank increased their price objective on Alamos Gold from $20.00 to $22.00 and gave the stock a sector outperform rating in a report on Monday, August 19th. Finally, Jefferies Financial Group lifted their price objective on Alamos Gold from $20.00 to $21.00 and gave the company a buy rating in a research report on Friday, July 12th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Alamos Gold presently has a consensus rating of Moderate Buy and an average price target of $23.31.

Alamos Gold Stock Up 6.0 %

Shares of Alamos Gold stock opened at $20.05 on Tuesday. Alamos Gold has a 12 month low of $10.78 and a 12 month high of $20.24. The stock has a market cap of $8.01 billion, a PE ratio of 38.56, a price-to-earnings-growth ratio of 0.78 and a beta of 1.18. The business has a fifty day simple moving average of $18.00 and a 200-day simple moving average of $16.07.

Alamos Gold (NYSE:AGI) (TSE:AGI) last announced its quarterly earnings data on Wednesday, July 31st. The basic materials company reported $0.24 EPS for the quarter, topping analysts’ consensus estimates of $0.19 by $0.05. The firm had revenue of $332.60 million during the quarter, compared to analyst estimates of $282.78 million. Alamos Gold had a return on equity of 8.52% and a net margin of 17.73%. The business’s quarterly revenue was up 27.4% compared to the same quarter last year. During the same period last year, the company posted $0.15 EPS. Analysts expect that Alamos Gold will post 0.75 EPS for the current fiscal year.

Alamos Gold Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 26th. Shareholders of record on Thursday, September 12th will be given a $0.025 dividend. The ex-dividend date of this dividend is Thursday, September 12th. This represents a $0.10 dividend on an annualized basis and a dividend yield of 0.50%. Alamos Gold’s dividend payout ratio is currently 19.23%.

Institutional Investors Weigh In On Alamos Gold

A number of large investors have recently added to or reduced their stakes in AGI. Norges Bank bought a new stake in Alamos Gold during the 4th quarter valued at approximately $64,117,000. Mackenzie Financial Corp grew its stake in shares of Alamos Gold by 147.6% in the second quarter. Mackenzie Financial Corp now owns 7,585,450 shares of the basic materials company’s stock worth $119,003,000 after acquiring an additional 4,521,282 shares during the last quarter. Van ECK Associates Corp raised its stake in Alamos Gold by 8.3% during the 1st quarter. Van ECK Associates Corp now owns 52,397,485 shares of the basic materials company’s stock valued at $772,863,000 after purchasing an additional 4,009,220 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in Alamos Gold by 71.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,588,581 shares of the basic materials company’s stock valued at $97,183,000 after purchasing an additional 2,756,759 shares during the last quarter. Finally, CIBC Asset Management Inc boosted its holdings in Alamos Gold by 311.9% in the 2nd quarter. CIBC Asset Management Inc now owns 2,709,784 shares of the basic materials company’s stock valued at $42,480,000 after purchasing an additional 2,051,935 shares during the period. Institutional investors own 64.33% of the company’s stock.

Alamos Gold Company Profile

Alamos Gold Inc engages in the acquisition, exploration, development, and extraction of precious metals in Canada and Mexico. The company primarily explores for gold deposits. It holds 100% interest in the Young-Davidson mine and Island Gold mine located in the Ontario, Canada; Mulatos mine located in the Sonora, Mexico; and Lynn Lake project situated in the Manitoba, Canada.